Japan’s JX Nippon Oil settles Nov benzene ACP $35/tonne lower

01 November 2011 03:27[Source: ICIS news]

SINGAPORE (ICIS)--Japanese benzene major JX Nippon Oil has settled its November Asian Contract Price (ACP) $35/tonne (€25/tonne) lower than the previous month’s price, a company source said late on Monday.

The producer reached the ACP settlement for November at $995/tonne CFR (cost & freight) Asia with its customers late on Monday, the source added.

The $35/tonne decline in the November settlement from the October price was in line with the recent weak trend in the spot market.

Spot benzene prices in Asia were hovering at $965-980/tonne FOB (free on board) Korea on Tuesday, down by $5-15/tonne from Monday’s close, according to ICIS pricing.